First-time buyer mortgages, made easy
Stepping onto the property ladder? We can help you secure the right first-time buyer mortgage for you.
From first-time buyer jitters to joy
When you’ve never bought a home before, finding the right mortgage can seem daunting. But it doesn’t have to be. Our mortgage advisors have access to thousands of first-time buyer mortgage rates and deals from over 90 lenders. And, we’ve helped thousands of first-timers secure their ideal mortgage already.
We’re here to make sure you choose a competitive first-time buyer deal with the right lender for you. We explore all options and guide you through the exciting process of securing your first mortgage to purchase your new home. Practise your new homeowner smile!
First-time buyer mortgage options
Unless you have a sweet pile of cash lying around, you're going to need a mortgage to buy your first home. Fortunately, now, there are options. Plus, our experts are with you at each exciting step.
Important information
Your home may be repossessed if you do not keep up repayments on your mortgage.
There maybe a fee for mortgage advice.
The fee is up to 1% but a typical fee is £299.
How to get a first-time buyer mortgage
It’s important to do your research on the type of mortgage you’re after – and there are a lot out there. It’s not as confusing as it seems, but if in doubt, a mortgage advisor can talk you through the options available to you.
There are few upfront costs involved in buying your first house. Most people think of the deposit – but you’ll need to consider other costs too, like stamp duty, solicitor fees, and house survey fees. It can also be useful to check your credit score at this point to make sure there are no mistakes or red flags for lenders.
Make sure you have a good understanding of how much you can afford to borrow. This means taking into account your income, how much you spend each month, and any debts you’re currently paying off.
You can secure a mortgage in principle online through many lenders and some brokers. You can often get it the same day. This doesn’t necessarily mean you meet all the criteria to borrow from this lender, but it gives you a good idea of the amount you can borrow overall.
Now for the fun part! Once you know what you can borrow, you can start to browse properties. Keep in mind your budget, where you want to live, and whether the house suits your needs. Take your time, and view lots of different houses in your budget – maybe more than once. You’re in control, so make sure you pick the house that has your heart. Then it’s time to make an offer!
You can sometimes secure a mortgage directly through a lender. They all have different criteria for acceptance, so you may need to try in a few places. A broker or mortgage advisor is a good option to secure a competitive first-time buyer mortgage deal for you. They often have relationships with mortgage lenders for first-time buyers and an understanding of their criteria, and can take off some of the stress of the application by chasing and pushing the process along on your behalf.
Get in touch with a Purplebricks Mortgage advisor for simple, no-nonsense advice when it comes to your first-time buyer mortgage deal.
Once your mortgage has been accepted, there’s still work to do. From surveys to legal searches, the average time from offer to completion is 12 weeks. Luckily, a good estate agent and solicitor will do most of the legwork for you – so completion is in sight!
What is a first-time buyer mortgage? And who qualifies?
A first-time buyer mortgage is a mortgage product for someone who has never owned property in the UK or abroad. Although there isn’t a specific product that qualifies as a first-time buyer mortgage, lenders often tailor mortgage deals to suit people buying their first home.
Who qualifies as a first-time buyer? Put simply – you need to have never owned property before. This means within the UK and outside of it. You’ll also need to have never owned or partially owned any inherited property, even if you never lived in it. If you’re buying a house with someone else who has owned a house previously, you’ll no longer count as a first-time buyer.
If you’re not sure whether you’d qualify, chat to one of our friendly advisors who can give you more information on the mortgage deals available to you.